The U.S. House and Senate today passed the conference agreement of the “Tax Cuts and Jobs Act,” marking a near end-of-the-road for Congress’s tax reform efforts this year. The president is expected to sign the bill later this week.
While the preservation of Low Income Housing Tax Credits and Private Activity Bonds avoids an immediate devastating impact on affordable housing, this bill will exacerbate our country’s already yawning income inequality and will harm efforts to end homelessness and housing poverty. An estimated 64% of the bill’s benefits go to the top 1% of earners, at a cost to the country of over $1 trillion.
Industry Employment Reaches 10-Year High and Unemployment Rate Falls to 5.0 Percent; Association Officials Say Tax Rate Cuts Will Enable Firms to Increase Pay and Attract More Workers to Construction. Construction employment increased by 24,000 jobs in November to the highest level since November 2008
Infographic: Homeowners Say Changing Homeownership’s Tax Incentives Restricts Mobility, Causes Financial Strain
An overwhelming majority of homeowners would take advantage of the mortgage interest deduction and state and local property tax deductions if they were to purchase a new home, and a notable share said that the proposed changes to these tax incentives would affect their budget and desire to move in the future
The U.S. Senate today passed tax reform legislation that the National Association of Realtors® believes puts home values at risk and dramatically undercuts the incentive to own a home.
SENATE TAX REFORM MEASURE HAS IMPROVED SUBSTANTIALLY BUT LACK OF INFRASTRUCTURE INVESTMENTS, TEMPORARY NATURE...
The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement today in connection with the proposed Senate tax reform measure
David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association, offered the following statement praising efforts by Senate Leadership, Senator Mike Rounds (R-SD), Senate Finance Committee Chairman Orrin Hatch (R-UT), Senate Banking Committee Chairman Mike Crapo (R-ID) and Senator David Perdue (R-GA), to address language in Section 13221 of the Senate Tax Reform Bill relating to mortgage servicing rights (MSRs)
After robust discussions across the Senate Republican Conference, and because a revenue “trigger” does not comply with reconciliation rules, the Senate Finance Committee made further modifications to the underlying legislation to further reflect member priorities. The amendment was filed this evening.
Lawyers’ Committee for Civil Rights Under Law Files Amicus Brief Showing How Discriminatory Mortgage...
This week, the Lawyers’ Committee for Civil Rights Under Law, the National Fair Housing Alliance, the Poverty and Race Research Action Council, and a group of housing scholars filed an amicus curiae, “friend of the court,” brief inCity of Oakland v. Wells Fargo & Co. a case pending in the U.S. District Court for the Northern District of California involving the harm inflicted on cities by the targeting of predatory high-cost loans at communities of color.
Elements of the “Tax Cuts and Jobs Act” released yesterday by the House Ways and Means Committee would greatly harm affordable housing, economic revitalization and community development efforts nationwide. The National Housing Conference’s diverse membership of housing stakeholders opposes the elimination of proven tools like private activity mortgage revenue bonds and the New Markets Tax Credit, and supports improvement and expansion of the long-successful Low Income Housing Tax Credit
Senate Republicans today unveiled their vision for tax reform with a legislative package that includes the elimination of state-and-local tax deductions and a near doubling of the standard deduction, among other provisions.
Law Center on Homelessness Releases Education Manual to Help Students and Families After Hurricane...
The National Law Center on Homelessness & Poverty (the Law Center) released its Homeless Education Advocacy Manual: Disaster Edition, a resource that guides homeless students and their families displaced by a disaster on their rights to educational continuity and stability during disaster recovery.<
The Subcommittee on Housing and Insurance held a hearing today entitled “Sustainable Housing Finance Part III.” The hearing allowed the Subcommittee to further assess views and perspectives on the need to enact comprehensive housing finance reform
Statement from the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) following the release of tax reform legislation by the House Ways and Means Committee. “NMHC/NAA applaud the House Ways and Means Committee release of tax reform legislation. While we are continuing to review the legislative language, the tax reform package, as currently written, looks to encourage economic growth and job creation while protecting the multifamily industry’s ability to serve the 39 million Americans who call apartments
The National Association of Home Builders (NAHB) called on Congress today to move swiftly to implement comprehensive reforms to the nation’s housing finance system to ensure that housing credit remains readily available and affordable in the future.
Tax reform discussions took a major step forward this afternoon as leaders on the House Ways and Means Committee released its legislative proposal for an overhaul of the American tax code. The National Association of Realtors® believes the bill represents a tax increase on middle-class homeowners.
The tax reform legislation proposed by House Republican leaders takes a historic step in directly revising the mortgage interest deduction (MID), a $70 billion annual tax expenditure that primarily benefits higher income households—including the top 1% of earners in the country. The Republican tax proposal makes sensible reforms in lowering the amount of a mortgage against which the MID can be claimed to $500,000 for new home loans and doubling the standard deduction. This change to the MID would impact fewer than 6% of mortgages nationwide and would save an estimated $95.5 billion over the first decade
Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, today issued the following statement on the tax plan that will be put forth by Republican members of the House Ways and Means Committee
This piece isn’t intended to be your one-stop shop for every detail or nuance, but it will provide you with an overview of what need to know regarding the law and your investment property. If you are concerned or have additional questions, you may want to consider speaking to an experienced attorney.
Associated Builders and Contractors (ABC) announced the promotion of Téa Gennaro to Chief Financial Officer (CFO). She will be responsible for managing and directing the accounting, finance and facilities functions at ABC and its affiliated organizations—the ABC Political Action Committee, ABC Retirement and Savings Plan, Construction Legal Rights Foundation, Trimmer Construction Education Foundation and ABC Services Corp.